Gensol Engineering Ltd update on withdrawing the Proposed Asset Takeover by Refex Green Mobility Limited

The company has given updates on the recent development regarding the proposed asset takeover of 2,997 electric vehicle ("EV') from Gensol Engineering Limited ("Gensol").

RGML after constructive discussions and due consideration, has mutually decided with Gensol Engineering Limited not to proceed with the proposed transaction for the takeover of vehicles from Gensol Engineering Limited.

This decision has been arrived at due to the evolving commitments at both ends, which would make it challenging to conclude the transaction within the originally envisaged timeline. The parties have therefore agreed to not move forward with the transaction at this stage.

We wish to place on record our appreciation for the collaborative engagement with Gensol Engineering Limited.

We appreciate the continued support and interest of all stakeholders and reiterate our shared commitment to responsible operations and long-term value creation.

Shares of Gensol Engineering Ltd was last trading in BSE at Rs. 184.25 as compared to the previous close of Rs. 193.90. The total number of shares traded during the day was 31757 in over 923 trades.

The stock hit an intraday high of Rs. 184.25 and intraday low of 184.25. The net turnover during the day was Rs. 5851227.00.

Source : Equity Bulls

Keywords

GensolEngineering INE06H201014 RefexIndustries RefexGreenMobility Deal Cancelled